Banks| Policies| Dodgy Deals| Campaigns
About us| Blog| Publications| Successes| Contact us| Donate
About BankTrack
Visit us
Organisation
Our team
Our board
Guiding principles
Team up with us
Jobs at BankTrack
Our annual reports
Funding and finances
History
BankTrack in the media
Our privacy policy
Donate
2023-01-23 00:00:00
Berta Cáceres: new rules for banks could help stop defender killings
2023-01-16 00:00:00
In the balance: Why European due diligence legislation must cover financial services
2022-12-08 00:00:00
Exposed: Western banks funding Qatar’s carbon bombs
2022-12-08 00:00:00
Right-wing attack on sustainable finance is the latest form of climate denial
2022-12-14 11:08:26
HSBC announces it will no longer finance new oil and gas fields
2022-10-13 15:56:39
More major banks and insurers refuse to support EACOP
2022-09-16 10:38:48
European Parliament passes emergency resolution against human rights violations & environmental threats linked to EACOP
2022-06-27 09:49:16
Crédit Agricole takes first step to phase out from the oil and gas sector
Connect
2022-11-22 00:00:00
Banking on Thin Ice: Two years in the heat
2022-11-17 00:00:00
BankTrack Global Human Rights Benchmark 2022
2022-10-21 00:00:00
Burning forests in the name of clean energy? How banks are failing to exclude the harmful wood biomass industry from finance
2022-06-28 00:00:00
The East African Crude Oil Pipeline (EACOP): Finance Risk Update No. 3
2022-04-05 00:00:00
The BankTrack Human Rights Benchmark Asia
2022-03-30 00:00:00
Banking on Climate Chaos 2022
See all publications
Browse
Home
Banks
Policies
Dodgy Deals
Campaigns
About
About BankTrack
Donate
Contact BankTrack
Publications
Victories
Follow Us
News
BankTrack blog
Facebook
Twitter Fossil Banks No Thanks Twitter Fossil Banks No Thanks Instagram
Affiliate Websites
Fossil Banks No Thanks
StopEACOP
Forests & Finance
Banks & Biodiversity
Drop JBS
Bank of Coal
Don't Buy into Occupation
Home › News
JPMorgan Chase and Wells Fargo Double Down on Support for Dirty Tar Sands Pipelines
Start
Banks
Dodgy Deals

By: Greenpeace, Rainforest Action Network & Sierra Club
2017-12-18
San Francisco

Contact:

Ayse Gursoz, Rainforest Action Network, ayse@ran.org, +1 650-391-6443


Share this page:

Photo: x
Go to:
Start
Related Banks
Related Dodgy Deals

Despite mounting public opposition from a broad coalition of Indigenous and environmental groups, JPMorgan Chase and Wells Fargo renewed their participation in a set of loans totaling $1.5 billion to TransCanada, the company behind the Keystone XL tar sands pipeline .

The banks have faced significant pressure in recent months to divest from the controversial pipeline, which would transport dirty, climate-polluting tar sands through the Midwest to the Gulf Coast for export, threatening Indigenous rights, land, water, and communities along the way.

Sierra Club Beyond Dirty Fuels Campaign Director Kelly Martin said:

“Wells Fargo’s PR team loves to tout the bank’s commitment to responsible investing and transitioning to clean energy, but today’s decision makes it clear that it’s all talk. Keystone XL would be a disaster for our communities and our climate, and any bank that’s helping fund this terrible project and others like it is on the wrong side of history. The growing movement working to hold banks like Wells Fargo accountable for their reckless investments is not going anywhere. It will only grow louder and stronger until our financial institutions commit to investing in a future that benefits our communities, our economies, our health, and our planet.”

Rainforest Action Network Senior Climate and Energy Campaigner Ruth Breech said:

“Wall Street is failing the climate test and violating the free, prior and informed consent of Indigenous people. JPMorgan Chase and Wells Fargo had an opportunity to cut ties with TransCanada and the KXL pipeline and they chose to walk on the wrong side of history. This goes to show that JPMorgan Chase and Wells Fargo could care less about devastating the lives of real people caused by the environmental destruction and climate disaster wrought by tar sands.”

Indigenous Environmental Network campaigner, Dallas Goldtooth, said:

“This is deplorable. JP Morgan Chase and Wells Fargo have chosen to double down on the plunder of Indigenous lands, to condone violence perpetrated against peaceful water protectors and to further the trampling of Indigenous rights to Free, Prior and Informed Consent. Furthermore, Wells Fargo just announced $50 million worth in grants to Native Americans while dumping billions into tar sands oil development, diminishing the lives of Native Americans at the source. The irony and contradictions cannot and will not go unnoticed. We must stop tar sands and keep fossil fuels in the ground!”

Greenpeace USA Senior Climate and Energy Campaigner Diana Best said:

“Greenpeace is deeply disappointed that JPMorgan Chase and other banks continue to fund companies trying to build dirty tar sands pipelines -- projects that jeopardize human rights, drinking water, and our climate. These banks are on the wrong side of history. Hundreds of thousands of people are stepping up to oppose these pipelines and the financial lenders bankrolling these projects. Other banks have announced moves to step away from tar sands this year, yet JPMorgan Chase and Wells Fargo continue to fall behind the curve.”

Northern Plains Resource Council, former Chair and farmer, Dena Hoff said:

"This is about protecting water -- when you think about how critical water is to Montana's economy, you have to ask why banks are supporting projects as dirty as the Keystone XL pipeline. Over the long haul, it just doesn't make good sense. Keystone XL would go under the Yellowstone River about 13 miles upstream from my farm. I've already dealt with one major oil spill in the river near my property, and I never want to see that again. I want my children and my grandchildren and their children to keep coming to this farm. But without clean water, our farm couldn't operate. Without clean water we have nothing."

Notes to editors:

Here is a list of the 19 banks that are lenders to one or both of the two revolving credit facilities that were just extended:
  • JPMorgan Chase - lead agent and sole bookrunner on both loans
  • Bank of America
  • Bank of Montreal
  • Bank of Tokyo-Mitsubishi UFJ
  • Barclays
  • Canadian Imperial Bank of Commerce
  • Citi
  • Credit Agricole
  • Credit Suisse
  • Deutsche Bank
  • Export Development Canada
  • HSBC
  • Mizuho
  • National Bank of Canada
  • Royal Bank of Canada
  • Scotiabank
  • Sumitomo Mitsui Banking Corporation
  • Toronto Dominion Bank
  • Wells Fargo
Go to:
Start
Related Banks
Related Dodgy Deals

Related banks

JPMorgan Chase United States

active

Wells Fargo United States

active
Go to:
Start
Related Banks
Related Dodgy Deals

Related Dodgy Deals

Projects

There are no projects active for this item now.
on record

Keystone XL pipeline United States

Pipeline Transportation of Crude Oil

Companies

There are no companies active for this item now.
on record

TC Energy Canada

Pipeline Transportation of Crude Oil | Pipeline Transportation of Natural Gas
Browse
Home
Banks
Policies
Dodgy Deals
Campaigns
About
About BankTrack
Donate
Contact BankTrack
Publications
Victories
Follow Us
News
BankTrack blog
Facebook
Twitter Fossil Banks No Thanks Twitter Fossil Banks No Thanks Instagram
Affiliate Websites
Fossil Banks No Thanks
StopEACOP
Forests & Finance
Banks & Biodiversity
Drop JBS
Bank of Coal
Don't Buy into Occupation
Vismarkt 15
6511 VJ Nijmegen
The Netherlands

Tel: +31 24 324 9220
Contact@banktrack.org
©2016 BankTrack                Webdesign by BankTrack and EASYmind
BankTrack is a registered charity in the Netherlands (ANBI) - RSIN 813874658
Find our privacy policy here

Stay up to date

Sign up now for all BankTrack's news


Make a comment

Your comment will be reviewed, before being posted